The Beverly Hills Conference and Visitors Bureau, in conjunction with trend forecast agency IN(K), released a report pinpointing upcoming trends within the global luxury sector. The report also looks at spending habits across 10 predetermined cities, as well as across different generations.

The data revealed London is the destination with the world’s highest number of what they call “ultra-high net worth individuals,” followed by Tokyo. This was attributed to London’s beneficial location and their increase in millennial spenders, and to Japan’s increasingly expensive custom of gifting.

Luxury brands, according to the report, are also beginning to take their identity online, building a digital presence and working to attract those who are most present on social media. However, despite this attempt, these same brands are still intent on establishing their worth as high-end, quality products and status symbols rather than relying solely on digital campaigns. It is suggested consumer demand is growing for luxury in-person experiences, including those that offer an aspect of exclusivity, which may become more important overall than a brand’s digital presence.

Other trends in the luxury market in the report? A desire to see more local products in shops and restaurants is being attributed to so-called “localtarians,” as are the need for mindful shopping experiences, those which help the buyer feel good about themselves for their purchase choices. Menswear is upping the ante by providing bars, billiards and barbershops within men’s luxury retail stores. There is an increasing demand for limited edition and bespoke products and experiences. Millennial shoppers are also looking to see luxury products lose their flashy labels and stick to more understated looks.